There can be few more potent symbols of hope than that of a building rising from the ashes. For New Yorkers, the pride at seeing the 104-storey World Trade Center assert itself in the famous skyline is surely tempered by the loss of the iconic Twin Towers that once stood on the same spot. But it’s a triumph all the same; a resounding affirmation of the service-as-usual philosophy that so eloquently defined this city’s response to the unthinkable.
The June existing home sales report from the National Association of Realtors showed a pickup in sales to an annualized pace of 5 million for the first time since October of last year. According to Lawrence Yun, NAR Chief Economist, housing fundamentals are moving in the right direction with existing supply helping balance out the market. Even as the housing market improves and prices rise around the country, other economists are worried rising interest rates could derail the nascent recovery. Continue reading →
Minutes released from the July 17-18 Federal Reserve policy meeting indicate the most aggressive phase of accommodative monetary policy has run its course. A tentative deadline of October was set to shut the door on a highly controversial third round of quantitative easing (QE) that tested the limits of the central bank’s balance sheet. Continue reading →